The markets are expected to come under renewed pressure in the coming weeks as steel production capacity utilization is well down from maximum at around 60%, with more steel being punted domestically as some delivery settlements into China have been cancelled.
Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India
at $279.17 per tonne on July 10, up from $270.18 per tonne a week earlier.
Trade sources reported one deal for steel shredded scrap done at $275 per tonne, with offers ranging between $267.50 and $285 per tonne.
“Indian steelmakers are operating at about 60% of their nameplate production capacity and we see that lasting through July,” one Indian source said. “The Indian steel scrap market looks steady in the next couple of...